Skanska Sweden has inked an agreement to rebuild and expand an office component of the Urban Escape district in the Swedish capital. The company will be carrying out the development contract worth approximately $70 million on behalf of AMF Fastigheter AB. The section of the district that Skanska will be refurbishing totals approximately 290,000 square feet of office space, and represents less than half of the total amount of office space available at the development.

Urban Escape is set to offer a total of 667,000 square feet of office space. AMF Real Estate AB’s mixed-use development will total roughly 1.4 million square feet of space at full build-out. When completed, the five-building city block will feature 312,000 square feet of hospitality venues and conference facilities, 410,000 square feet of retail and dining space, a new restaurant hub, as well as a wide range of services. Urban Escape is set to take full form in Stockholm’s core by the spring of 2018.

The five buildings of the Urban Escape project are Malmtorgsgatan 8, Brunkebergstorg 4-10, Malmskillnadsgatan 32, Regeringsgatan 13-19 and Regereingsgatan 23-29. The buildings are located in the immediate vicinity of Stockholm’s Gallerian shopping center, a facility opened back in 1976 that features around 340,000 square feet of retail space.

Apart from the renovation process, Skanska has been tasked with building an additional 75,000 square feet of office space over three floors. The construction of the new building will begin immediately, with completion set for the summer of 2017. The new facility will pursue LEED Gold level certification and feature high sustainability standards. The renovation and construction contract will be included in order bookings for Skanska Sweden for the first quarter of 2015.